Dave & Buster's Entertainment, the restaurant and arcade chain, announced on Monday that it was seeking to sell 7.7 million shares at $12 to $14 a share during its initial public offering.
At the mid-point of that range, the private equity-backed company is set to raise $100 million at a market value of $351.9 million. Its underwriters also have the option to sell an additional 1,153,846 shares, according to a revised prospectus filed on Monday.
Dave & Buster's return to the public market comes after six years of private equity management. In 2006, Wellspring Capital Management took it private for $257 million. Oak Hill Capital Partners later bought the company in 2010 for $570 million.
After the I.P.O., the private equity firm will retain a 68 percent stake, while the company's management team and directors will own roughly 3 percent.
Founded in 1982, the Dallas-based company has 59 restaurants in the United States and one franchised location in C anada. The locations generate considerable revenue, roughly half of which come from food and drinks.
But the business has recently struggled to turn a profit. It has posted net losses every year for the last three years. In 2011, it recorded a loss of $7.3 million on sales of $521.1 million.
The company company said in its prospectus that it wants to ultimately expand its footprint to more than 150 stores. It plans to open four locations this year and about four to six in 2013.
The company, which is backed by Oak Hill Capital, will trade on the Nasdaq stock exchange, under the symbol “PLAY.â€Â Dave & Buster's hired Goldman Sachs, Jefferies and Piper Jaffray to be the lead underwriters of the I.P.O.
